Importance of Accounting for Business Success Assignment

Added on - 22 Nov 2020

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HOW BUSINESS OPERATE
Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1..........................................................................................................................................11.1 Types of organisation found in public and private sectors...................................................11.2 Different structures within business organisation.................................................................11.3 Impact of local, national and global economic environment on organisation......................2TASK 2............................................................................................................................................22.1 Importance of accounting for business success....................................................................25.1 Functions of HR department in business..............................................................................25.2 Key features of employment legislation...............................................................................3TASK 3............................................................................................................................................33.1 Interpret the information on profit and loss account.............................................................3TASK 4............................................................................................................................................44.1 An analysis to determine own and other roles of team membership....................................44.2 Team development................................................................................................................4TASK 5............................................................................................................................................56.1 Impact of customer service on business success...................................................................56.2 Benefits of customer profiling to a business.........................................................................5CONCLUSION...............................................................................................................................5REFERENCES................................................................................................................................7
INTRODUCTIONBusiness operates in different sectors like private, public and voluntary sectors. They runtheir business on different scales like small, medium or large with different aim and objectiveswhich they accomplish by performing several business activities (Boons and Lüdeke-Freund,2013). Owners of the company develop best organisational structure and assign differentemployees and employers with suitable responsibilities.TASK 11.1 Types of organisation found in public and private sectors.There are different types of organisation which are working in both, private and publicsector. United Kingdom have thousands of companies which are operating in different sectors inorder to earn money and to serve people of nation. Private companies are generally owned byindividuals or group of individuals. On the other hand, public company is governed by local,state, regional or central government.Different organisation running in private sector:TESCO (Fuel).Aldi (Retail).Virgin group (Airlines).Different organisation running in public sector:DEFRA (Department for Environment, Food and Rural Affairs).DSTI (Defence Science and Technology Laboratory).1.2 Different structures within business organisationThere are different structure adopted by organisation in order to perform their businessfunctions in a formal and ordered manner. Following are some of the structures:Line structure:In this, organisation have direct connection with different levels of thefirm. They have vertical relationship and are involved in accomplishing primaryobjectives of company.Divisional structure:The organisation is classified according to division of work suchas: finance, marketing, HR, etc (Bryman and Bell, 2015). and it can also be classifiedaccording to types of products manufactured.
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